Subject: Re: Did I Do the VA Math Wrong?
From: "Tim O'Reilly" <tim@oreilly.com>
Date: Thu, 16 Dec 1999 19:32:42 -0800

The number of shares authorized doesn't equal the number of shares
outstanding.  This is quite typical.

Crispin Cowan wrote:
> 
> I previously posted here my calculations that VA market capitalization
> is in the range of $62 billion.  I got this from the VA prospectus, page
> 21, which states that there are 250,000,000 shares of common stock
> authorized, plus 10 million shares of preferred stock.
> 
> So, 250M shares * ~$200/share = $50 billion
> 
> However, it is widely reported that VA has a market cap of ~$7 billion (
> http://lwn.net/stocks/ ).  What am I missing here?  Can someone with
> better clues than mine tell me how to reconcile these numbers?
> 
> Thanks,
>     Crispin

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